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Berachain: Innovating PoL public chain to create a new ecosystem of Decentralized Finance Liquidity
Berachain: An Innovative Public Chain Focusing on Decentralized Finance
Berachain is an EVM-compatible Layer 1 public chain launched at the end of 2021, built on top of the Cosmos SDK, and adopts a Proof of Liquidity (PoL) consensus mechanism. The project focuses on solving liquidity issues in the Decentralized Finance (DeFi) sector.
Development History
Berachain originally stemmed from a series of bear-themed NFT projects, including Bong Bears, Boo Bears, Baby Bears, Band Bears, and Bit Bears. After experiencing the ups and downs of the crypto market, the project team recognized the critical role of liquidity in Decentralized Finance, and thus decided to design an L1 public chain focused on optimizing liquidity.
In November 2023, Berachain began its internal testing. On January 11, 2024, the public testnet "Artio" officially launched, attracting the deployment of multiple native protocols and cross-chain projects. It is rumored that the Berachain mainnet is expected to be launched in the second quarter of 2024.
Financing Situation
In April 2023, Berachain raised $42 million in funding, led by Polychain, with participation from institutions such as OKX Ventures, achieving a valuation of $420 million.
Core Mechanism
Polaris EVM
Berachain is built on the Polaris EVM framework, which combines EVM with Cosmos SDK to provide developers with powerful tools. Its main advantages include:
PoL Consensus Mechanism
The Proof of Liquidity (PoL) mechanism is the core innovation of Berachain, aimed at solving on-chain liquidity issues:
Compared to traditional PoS, the PoL mechanism has advantages in incentivizing liquidity, decentralized inflation, and coordinating the relationship between asset issuers and validators.
three token model
Berachain builds its ecosystem using three types of tokens:
This model further stimulates on-chain liquidity by separating governance rights and transaction fees, as well as diversifying the choice of staking assets.
Ecological Projects
Outlook
Berachain, through its innovative economic model and consensus mechanism, is expected to lead a new wave of innovation in the Decentralized Finance space. However, the long-term success of the project will also require attention to several aspects such as its future development, ecosystem expansion, and the security of the protocol.